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Last week was action-packed and it's not likely to ease up with attention now shifting from the Fed and the "technical recession" in the US to the labour market. Various officials have highlighted the strength of the labour market when explaining why the US isn't in a real recession which will draw increased scrutiny on Friday's jobs report.

29-07-2022 11:34 GMT by Craig Erlam

Summer surge

Equity markets are ending another winning week in positive territory following a bumper few days of earnings, data and of course, the Fed. This week has delivered another 75 basis point rate hike, earnings and revenue misses for some of the biggest tech names and an unexpected recession that isn't a real recession in the world's largest economy. And yet, the way equity markets have responded, the week couldn't have gone much better.

29-07-2022 08:12 GMT by Craig Erlam

Euro edges up after eurozone inflation jumps

The euro is in positive territory today and has pushed above the 1.0200 line. In the European session, EUR/USD is trading at 1.0213, up 0.16% on the day.

29-07-2022 08:00 GMT by Kenneth Fisher

Yen extends gains on US GDP decline

USD/JPY continues to fall as the Japanese yen rally continues. In the European session, USD/JPY is trading at 133.26, down 0.72%. Yen rises after soft US GDP Thursday's US GDP for Q1 was weaker than expected, as the -0.9% reading surprised the markets, which had projected a 0.5% gain.

29-07-2022 06:28 GMT by Kenneth Fisher

Nasdaq - A turning point?

OANDA Senior Market Analyst Craig Erlam talks about the post-Fed rally in stock markets and whether it's a sign of things to come.

29-07-2022 06:20 GMT by Craig Erlam

Oil prices steady, gold rises as dollar dips

Oil is surprisingly steady Oil prices edged higher overnight as the volatility in currency, bond and equity markets passed it by; most of the oil-related data had already been released for the week. So, although the intraday ranges were as wide as ever, ultimately, oil booked only small gains.

29-07-2022 05:39 GMT by Jeffrey Halley

US dollar retreat continues

USD/JPY slump dominates Asian trade The US dollar selloff continued overnight after weak US GDP data saw it enter a technical recession. However, the US dollar's losses were unevenly distributed.

29-07-2022 05:19 GMT by Jeffrey Halley

Technical recession equals buy stocks

Wall Street rises after GDP decline US GDP had a nasty surprise for everybody overnight, unexpectedly falling by 0.90%, when market expectations were for a modest 0.50% gain. That marked two consecutive negative quarters of US growth, meaning that for many economists, the US is now in a technical recession.

29-07-2022 04:50 GMT by Jeffrey Halley

US economy contracts again, stagflation is here, stocks embrace idea of potentially less aggressive Fed, oil volatile, gold shines, bitcoin rallies

US GDP declines in Q2 The US economy is weakening much faster than anyone expected. The first look at the second quarter showed another negative reading, which was a surprise for most on Wall Street.

28-07-2022 15:13 GMT by Edward Moya

Japanese yen jumps as US GDP slides

The yen has surged on Thursday. USD/JPY trades at 134.46, down 1.56% on the day. Yen jumps on US GDP decline The US dollar has lost ground against the majors, following a soft US GDP reading earlier.

28-07-2022 12:08 GMT by Kenneth Fisher

A debatable recession

It's been quite the 24 hours in financial markets, one I feel many will be trying to work out for many weeks to come. The Fed on Wednesday raised rates by 75 basis points, as expected, before leaving as many doors open as possible for September. Chair Powell and his colleagues went for a cocktail of hawkish data dependency with a dovish twist.

28-07-2022 11:33 GMT by Craig Erlam

Oil dips, gold rises after Fed, GDP

Oil turns lower on recession risk Oil has turned lower since the open, in line with the moves we've seen in equity markets. It would appear the economic reality isn't being lost everywhere and the big downside risk for oil in recent weeks - recession - is weighing on the price once more.

28-07-2022 11:30 GMT by Craig Erlam

NZD flat, USD GDP falters

The New Zealand dollar has pared gains which it made earlier in the North American session. NZD/USD is trading at 0.6266, up 0.02% on the day. US GDP contracts for a second straight quarter The US economy contracted in the second quarter by 0.9%, surprising the markets which had forecast a 0.5% gain.

28-07-2022 11:06 GMT by Kenneth Fisher

Market Insights Podcast (Episode 357)

OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discuss the Fed, earnings from Alphabet, Microsoft, Meta, Apple and Amazon, and preview the GDP data.

28-07-2022 09:46 GMT by Craig Erlam

Aussie joins post-FOMC rally, US GDP looms

US dollar sinks after FOMC rate hike There were no surprises from the Federal Reserve, which delivered a second straight 0.75% hike on Wednesday. The markets had priced in this move, although it was a live meeting, as there was an outside chance of the Fed firing a massive 1.00% salvo in order to curb runaway inflation.

28-07-2022 06:58 GMT by Kenneth Fisher

Oil rallies, gold climbs as dollar sinks

Oil rises once again overnight Oil prices climbed once again overnight, boosted by a weaker US dollar and a large drawdown of crude and gasoline stocks in the overnight official US Crude Inventory data. The inventory data was a surprise, and in combination with tumbling Russian natural gas supplies to Europe, it seems the reality that the physical market is as tight as ever is boosting prices. Brent crude rose 2.45% overnight to USD 107.15 a barrel.

28-07-2022 04:48 GMT by Jeffrey Halley

FOMC sparks US dollar selloff

Dollar falls on Powell's rate remarks Jerome Powell’s remarks around rate hikes being driven by data sparked a sentiment rally overnight, as markets priced in peak inflation and interest rates. With equities rallying hard, the haven US dollar resumed its downward correction, being sold heavily versus the G-10 space.

28-07-2022 04:42 GMT by Jeffrey Halley

Asian equities rise post-FOMC

Asia markets show modest rise Fed Chair Powell's post-FOMC remarks saw Wall Street explode higher overnight, led by the Nasdaq. Asian markets are duly following suit, moving higher this morning, but not markedly so, and with nothing like the FOMO rally seen on Wall Street overnight.

28-07-2022 04:33 GMT by Jeffrey Halley

Powell sparks buy everything rally

You had the feeling that Wall Street, with perpetually itchy buy-button trigger fingers, was primed for this FOMC. As expected, the FOMC raised the Fed Funds target by 0.75%, to a target range of 2.25%-2.50%.

28-07-2022 04:24 GMT by Jeffrey Halley

Fed React: Inflation commitment remains/ likely appropriate to slow increases, Stocks rally, Oil higher post EIA data/Fed/Iran nuclear deal stalemate, Gold shines, Bitcoin enjoys risk rally

US stocks extended gains after the Fed signaled that it will likely be appropriate to slow rate increases at some point. Now that traders see light at the end of the Fed tightening tunnel, the Nasdaq is starting to look like the cleanest dirty shirt in what looks like a 2023 recession bound economy.

27-07-2022 15:08 GMT by Edward Moya

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